Parsons Corporation (NYSE:PSN) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. reduced its stake in Parsons Corporation by 36.5%, owning 10,051 shares worth $595,000 after selling 5,767 shares in the first quarter.
• Several analysts have adjusted their price targets for Parsons, with Raymond James upgrading it to a "strong-buy" rating and setting a price target of $90.00, while Goldman Sachs lowered its target from $90.00 to $80.00.
• Parsons Corporation has a market cap of $7.94 billion and fluctuates with a 12-month low of $54.56 and a high of $114.68, indicating significant volatility in its stock performance.

Pacer Advisors Inc. cut its stake in Parsons Corporation (NYSE:PSN - Free Report) by 36.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,051 shares of the company's stock after selling 5,767 shares during the quarter. Pacer Advisors Inc.'s holdings in Parsons were worth $595,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. American Century Companies Inc. raised its stake in shares of Parsons by 811.4% in the fourth quarter. American Century Companies Inc. now owns 39,172 shares of the company's stock valued at $3,614,000 after acquiring an additional 34,874 shares during the period. LPL Financial LLC grew its holdings in Parsons by 64.5% during the 4th quarter. LPL Financial LLC now owns 84,990 shares of the company's stock valued at $7,840,000 after purchasing an additional 33,312 shares during the last quarter. Vanguard Group Inc. raised its position in Parsons by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 4,575,535 shares of the company's stock worth $422,093,000 after purchasing an additional 59,545 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Parsons by 0.9% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 14,207 shares of the company's stock worth $1,311,000 after purchasing an additional 131 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Parsons during the fourth quarter valued at approximately $59,447,000. 98.02% of the stock is owned by hedge funds and other institutional investors.

Parsons Stock Down 0.6%

Shares of PSN stock traded down $0.44 during mid-day trading on Friday, hitting $73.76. 845,488 shares of the stock traded hands, compared to its average volume of 899,794. Parsons Corporation has a 52-week low of $54.56 and a 52-week high of $114.68. The stock has a market cap of $7.88 billion, a P/E ratio of 31.12, a P/E/G ratio of 4.56 and a beta of 0.58. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 1.29. The stock's fifty day moving average is $71.30 and its two-hundred day moving average is $69.05.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on PSN shares. Raymond James Financial upgraded Parsons from a "market perform" rating to a "strong-buy" rating and set a $90.00 price target on the stock in a report on Tuesday, July 8th. Robert W. Baird downgraded Parsons from an "outperform" rating to a "neutral" rating and cut their price objective for the company from $72.00 to $69.00 in a research report on Thursday, May 1st. KeyCorp lifted their target price on Parsons from $73.00 to $82.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Baird R W lowered shares of Parsons from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 1st. Finally, Truist Financial raised their price target on shares of Parsons from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $86.20.

Parsons Company Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.